All eyes are on the results of the U.S. initial jobless claims
10.02.2022
- U.S. Consumer Price Index (CPI)
- U.S. Initial Jobless Claims
Yesterday, the U.S. dollar strengthened against the pound, causing the GBP/USD pair to fall from 1.358 to 1.352. However, the decline has halted as the pair found support at the 200-period simple moving average (SMA) on the hourly chart. Since it has held above the recent low on the 4-hour chart and the support level at 1.351 without touching them, we will be watching closely to see if a rebound occurs and the pair moves higher.
Among European currencies, the EUR/GBP pair showed some movement, rising from 0.841 to 0.845. From a technical perspective, the EUR/GBP remains in a downtrend on the daily chart and is currently trading within a descending parallel channel. We will be watching closely to see if the pair breaks above the upper boundary of the channel at the 0.850 level.
Today’s schedule includes Turkey’s unemployment rate at 16:00 European time, South Africa’s manufacturing production at 20:00, and—once U.S. trading hours begin—U.S. initial jobless claims and the U.S. Consumer Price Index (CPI) at 22:30, U.S. weekly natural gas inventories at 24:30, remarks by Bank of England Governor Bailey at 26:00, and a U.S. 30-year Treasury auction at 27:00.at 28:00, the U.S. trade balance; and at 7:30 the following day, remarks by RBA Governor Lowe are scheduled for release. While remaining vigilant for price fluctuations resulting from today’s U.S. Consumer Price Index (CPI) and initial jobless claims data, I intend to closely monitor currency strength and weakness.
Author: Keisuke Sakurai
